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people and middle class people that use cyprus because of the rule of law, common law, the double tax treaties we have. it's a mistake to think that it is a very special class, of very rich people. these russians have their lawyers, their accountants, many of them have their families living in cyprus. they have their friends. we have a relationship that can with stand a shock like this. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot say that. i cannot say that. it's always a mistake to say something like this when you are not completely sure. there is a lot of work to be done. but they will open very soon. >> and how long do you intend to use the capital controls? >> that also i cannot answer. but, again, our objective to keep them as limited and as short as possible. >> and finally, you bypassed the democratic process of a parliamentary vote with this field. will you consider tendering your resignation when you get back to cyprus? >> no, no, we did not bypass the poll. we passed a number of laws two nights ago. we have kept party leaders ip forms
followed by a grand coalition with a narrow mandate, including to change the electoral law is the most likely venue. >> how pressing is the need to change electoral law so that if there are fresh elections held, there would be a clear outcome the next time? >> i think it's important. it's important because if they set up in a way in which they stable the larger parties, central right and central left, it will make the outcome of elections more likely to be stable for the next time around. and i think the incentives may be aligned in that respect to play against the pakistan movement. so we think that -- and also it's just needed a 51%. solo it's never easy, we think this time around incentives might be aligned for that change. >> okay. and still italy's market holding up reasonably well ahead of all of this. details on that hopefully out later on today. >>> ahead on the program, oecd's secretary calling for calm over cyprus. do you think the country will leave the eurozone? find outway told cnbc when we come back. impact wool exports from new zealand, textile production in spain, and t
and ukrainians who deposited much 06 their wealth here in cypress because of lax banking laws and there's been widespread allegations that these russians and ukrainians have used these accounts to launder some of their money and that is exactly why germany wanted depositors to take losses in this bailout. >> thank you so much. we'll have plenty more as we continue to follow this story. let's get straight to mark oswald who joins us around the table. mark, from an investor point of view, because there are a lot of different angles to this, how do you expect markets to react? what do people make of this today? >> i thought the initial reaction was quite appropriate when we marked spain and italy down in bond terms and buyback two points or about 20 basis points on. but pretty much on the all, there were buyers in there, which surprises me. it suggests within the marketplace and we've seen it within the rally of the euro, there is a degree of complacency that cyprus isn't really that important. this is a very specific issue and it's not going to unpick what mr. draghi has achieved, what's there i
Search Results 0 to 2 of about 3